In recent years, environmental, social, governance (ESG) have gradually received widespread attention.However, few studies have focused on the impact of situational factors on corporate ESG practice decisions. Based on this, this paper analyzes a sample of 9428 observations of Chinese A-share listed rms during the period 2009-2019 in an attempt to explore the impact of local o cials' turnover on corporate ESG practices, and analyze the boundary effects of this impact at three levels: regional, industry, and corporate. Our results suggest that: (1) Turnover of local o cials can lead to changes in economic policies and reallocation of political resources, which can stimulate companies' "risk aversion motive" and "development motive" and thus promote their ESG practices; (2) This effect will be enhanced by the high level of government intervention, the high level of competition in the industry, and the private sector. (3) Further test nds that turnover of local o cials can have a signi cant impact on corporate ESG only when the o cials are abnormal turnover and when the regional economic development is good in the current period. This paper enriches research related to decision-making scenarios of corporate ESG practices from a macro-institutional perspective.

Knowledge is the key factor to promote the development of enterprise innovation ability. Strategic knowledge disclosure is an important strategic means for enterprises to acquire external knowledge resources through active disclosure of knowledge. However, under the dual effects of external environmental factors and corporate factors, the impact of strategic knowledge disclosure on corporate innovation performance is still in a "black box" state. Therefore, based on the dual factors of industry competition intensity and enterprise absorptive capacity, this paper selects 158 listed companies in knowledge-intensive industries as the research object, and uses the fixed effect model to empirically test the impact of strategic knowledge disclosure on enterprise innovation performance. It is found that strategic knowledge disclosure significantly promotes enterprise innovation performance, industry competition intensity negatively regulates the relationship between strategic knowledge disclosure and enterprise innovation performance, and enterprise absorptive capacity positively regulates the relationship between strategic knowledge disclosure and enterprise innovation performance. This paper is helpful to provide practical basis for the implementation of strategic knowledge disclosure and the improvement of enterprise innovation ability under the integrated perspective of external environmental factors and internal factors.

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In recent years, environmental, social, governance (ESG) have gradually received widespread attention. However, few studies have focused on the impact of situational factors on corporate ESG practice decisions. Based on this, this paper analyzes a sample of 9428 observations of Chinese A-share listed firms during the period 2009-2019 in an attempt to explore the impact of local officials' turnover on corporate ESG practices, and analyze the boundary effects of this impact at three levels: regional, industry, and corporate. Our results suggest that: (1) Turnover of local officials can lead to changes in economic policies and reallocation of political resources, which can stimulate companies' "risk aversion motive" and "development motive" and thus promote their ESG practices; (2) This effect will be enhanced by the high level of government intervention, the high level of competition in the industry, and the private sector. (3) Further test finds that turnover of local officials can have a significant impact on corporate ESG only when the officials are abnormal turnover and when the regional economic development is good in the current period. This paper enriches research related to decision-making scenarios of corporate ESG practices from a macro-institutional perspective.